Miggs
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That's what I'm thinking. College visits, all my kids activities, some volunteer work maybe, like that. I could do real estate PT and hopefully get back to even with what I would've made teaching. Even if it's less, idgaf.
Retirement - when is it time?
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That's what I'm thinking. College visits, all my kids activities, some volunteer work maybe, like that. I could do real estate PT and hopefully get back to even with what I would've made teaching. Even if it's less, idgaf.
Im 35, planning to retire at 45, was originally thinking of retiring to Argentina and opening a small bar. (Im already a partner in a nightclub here) But things change, i still plan on retiring before 50 but as to where i live and retire that's an open question at the moment.
RandyForRubio
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I honestly can't picture ever truly retiring. I want to work til I die.
My dad is 64, works 60+ hours a week (minimum), takes about a month of vacation on the winter, no sign of slowing down. I imagine I'll be a lot like that.
My dad is 64, works 60+ hours a week (minimum), takes about a month of vacation on the winter, no sign of slowing down. I imagine I'll be a lot like that.
fishonjazz
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This will probably be me..... not by choice doe
Everyone that I know that retired by 55 really regretted it and cautioned against it. Most of them died pretty young. And money seems to go faster than expected. It never turned out like they planned.
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To me the keys will be having a support base and solid, frequent activities to participate in. Like volunteer work, part time job or an organized social club. Then I am also paying close attention to formal, monthly income levels beyond savings. What will my pension and 401k pay per month? My Social Security at 62, my wife's wages and future pensions?
Definitely lots to consider, it's a big decision.
A lot depends on how much you like your job. My husband at one time thought he wanted to retire at 55 but he's well past that now. Partly he liked the lifestyle we were able to afford on his salary (not lavish, but ski vacations to Colorado with a family of 5 gets expensive) and the fact that he had pretty generous vacation benefits helped considerably. Then when things got really stressful due to management changes he was able to move into a similar position in a less stressful environment.
MVP
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Can you elaborate more? Why they regretted it?
I speak with new retirees at a constant pace. At least a dozen per week. Something I have seen the majority of people struggle with is they have gone from a life of purpose and structure to nothing. They are not prepared for the mental blow and subconsciously they get depressed and lonely. After that they tank fast in overall health.
You need to replace the sense of purpose and social interaction you get from work with something.
Amazed to see the pensions mentioned here by relatively young folks. You must be working at relatively old/established companies for those. I think I was at one place that ever had a pension and that was when I was in my early 20s and had no idea why it was cool and instead just threw up to the match into a 401(k). When I left them after 10 years they sent me like $7,000 and I finished my basement with it - whoops.
I can't imagine I retire before I'm well into my 60s. People live longer and, in 20 years, when I'm at that age it will probably be even longer. I'd imagine one would need quite a savings to really make that work. If someone works from 20-60 and then is in "retirement" from 60-100, that's equal time. Find a good annuity, get long-term care insurance, and pray I suppose.
I can't imagine I retire before I'm well into my 60s. People live longer and, in 20 years, when I'm at that age it will probably be even longer. I'd imagine one would need quite a savings to really make that work. If someone works from 20-60 and then is in "retirement" from 60-100, that's equal time. Find a good annuity, get long-term care insurance, and pray I suppose.
Well state and federal employment, most teachers, law enforcement and military all carry substantial benefits. Pensions, life insurance, 401ks, paid leave...
For me that is the kicker more than the savings. What will be my guaranteed monthly income. I will have (with what I have already established) 3 monthly checks.
Then on top of that I will have any savings and whatever we set up for my wife. I am also on pace to own my home outright before then and we both have life insurance policies.
Now things could certainly change of course and to hedge against that I am looking at expanding the potential income sources and savings. Like Roth IRAs, stocks, bonds and CDS.
My goal is 11/01/2036, fulfilling life after that with my wife and something to leave to my kids as I pass. Well maybe not the 18 year old as she is already rich lol.
Also as a warning to all that read this.
If you are counting on living off your Social Security and that is your nest egg, you are a fool.
It will not, by itself, provide you with the life you want. It is not meant to be your only source of income.
If you are counting on living off your Social Security and that is your nest egg, you are a fool.
It will not, by itself, provide you with the life you want. It is not meant to be your only source of income.
Seems to me like it depends entirely on what you do and how much you like it, and what you would like to do in retirement.
I really like my job, so I'm planning to not retire until probably 67-70 unless a compelling reason develops for me to retire early (say, my wife and I decide to serve an LDS mission together).
fishonjazz
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About SS, I'm 40 right now. When can I start collecting the max amount available to me and about how much do you predict that to be? Does it depend entirely on how many years I have worked and at what salary?
MVP
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I like what I do but not for 6 days a week. As I said in ideal case I would semi retire, work like 1-2 days a week at most just to keep me from stagnating too much. I would love to travel as much as I can, maybe buy a motorhome and just drive through all Canada and US and try all the best fishing and food it has to offer
you continue paying into SS as long as you're working
the payout does depend on how long you worked and to some extent your salary, though there are limits
The greatest payout is if you wait to start drawing benefits until you're 70 years old, I think. Standard full payout begins at age 66 - so many people who retire at a younger age depend on other sources for their income and wait to begin their social security payout. And I think you have to be at least 62 before you get anything - unless you're disabled. But I could be wrong. But I know the payout is reduced if you're younger.
here's a link that might help (or not...)
https://www.ssa.gov/planners/index.html
You can draw as early as age 62 but your FRA (full retirement age) will be 67. That is when you get your 100%. Now they base it off of your highest 35 years but you only need 10 years of coverage to be eligible. Obviously the more and longer you pay the more you get back. Everyone's payment varies according to their individual work history. An "average" 100% is probably 1,400-1,500 a month.
Now once you file that is the amount you are locked in at. So if you decide to draw it at age 63 you would be reduced for taking it 48 months(4 years between 63 and 67) early. Once you draw that amount is locked in and that is your payment.
Also there are work limits to how much you can continue to make and draw your SSA benefits. For retirement it is 16,920.00 (in 2017) per year which comes out to be 1,410.00 gross per month. Only you going to work and getting paid and self employment count towards that limit. The year you reach FRA (age 67 for you fish0 that limit jumps to 44,880 per year. Once you are actually FRA you no longer have an income limit.
Edit: Moe is correct in that you can wait until age 70 to draw to maximize your payment. That is the last month it will increase by waiting. But all calculations on your amount starts with what you would get if you took it at FRA.
If you apply for benefits and receive them you are locked in. There is always the possibility to go back to work and suspend payments but then you are not receiving them are you?
What you are referring to are "S2" months. Basically if some one files and is drawing and then goes back to work they report that income. SSA suspends the payments with an "S2" code. That remains in effect as long as your income and age require it be there. Then once you reach FRA the SSA system automatically counts up the number of S2 months and refigures your benefits as if you had filed that many months later.
There is also the possibility of that income increasing the overall average of your wages and a COLA increase from Congress.
By 'locked in" what we are referring to is the monthly increase by waiting. If you are drawing your checks you do not get that monthly increase.